Iowa Code 637.411 – Rental property
Current as of: 2023 | Check for updates
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1. An amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease, must be allocated to income.
Terms Used In Iowa Code 637.411
- Income: means money or property a fiduciary receives as the current return from a principal asset. See Iowa Code 637.102
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Principal: means property held in trust for distribution to a remainder beneficiary when the trust terminates. See Iowa Code 637.102
- security: includes , but is not limited to, a certificated security, an uncertificated security, and a security account. See Iowa Code 633D.2
2. An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for future periods, must be added to principal and held subject to the terms of the lease and is not available for distribution to a beneficiary until the trustee‘s contractual obligations have been satisfied with respect to that amount.